GRAINS-Corn prices slip for 3rd session as near-record U.S. crop weighs

* Corn prices fall as harvest of bumper U.S. crop almost finished

* Wheat loses ground after rally, abundant supplies weigh

(Adds comment, detail) Nov 15 (Reuters) - Chicago corn slid for a third consecutive session on Wednesday, hitting a one-year low as harvest of the second-largest U.S. crop on record boosts global supplies. Wheat prices lost ground, falling for two out of three sessions, with abundant global supply giving stiff competition to U.S. exporters. The Chicago Board of Trade most-active corn contract had fallen 0.1 percent to $3.37-1/4 a bushel by 0256 GMT, after earlier in the session dropping to its weakest since Nov. 14, 2016, at $3.37 a bushel. Corn closed down 1.4 percent in the previous session. Wheat gave up 0.3 percent to $4.26-3/4 a bushel, after closing up 0.9 percent in the previous session, while soybeans were little changed at $9.68 a bushel, having finished down 0.7 percent on Tuesday. "U.S. corn yields have been better than expected and Brazilian weather is improving," said one India-based agricultural commodities analyst. "The bearish trend in corn prices is expected to continue in 2018 as well." The U.S. Department of Agriculture late on Monday said the corn harvest was 83 percent complete and the soybean harvest was 93 percent finished. There was additional downward pressure on corn and soybean prices from rains across Brazilian growing areas. Rains in Mato Grosso have convinced the market that the rest of the Brazilian planting process will be wrapped up in the next few weeks, analysts said. This will also allow farmers to plant the second corn crop in a timely manner. Still, dry conditions were expected next week in Argentina's main agricultural area, which could delay soybean planting.

The National Oilseed Processors Association's October crush report is expected to show that U.S. processors crushed their fourth-largest monthly volume of soybeans last month and the second-biggest October volume on record, analysts said. Analysts are expecting an October crush of 164.475 million bushels, according to the average of seven estimates given in a Reuters survey. Commodity funds were net sellers of CBOT soybean, corn, soyoil and soymeal futures contracts on Tuesday, traders said. They were net buyers of wheat. Trader estimates of net fund selling in corn ranged from 10,000 to 16,000 contracts, and in soybeans from 5,000 to 7,000 contracts. Estimates of net buying in wheat ranged from 1,000 to 6,000 contracts.

Grains prices at 0256 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 426.75 -1.25 -0.29% +0.59% 430.84 45 CBOT corn 337.25 -0.25 -0.07% -1.46% 347.68 24 CBOT soy 968.00 0.25 +0.03% -0.64% 987.44 32 CBOT rice 11.54 $0.04 +0.39% +1.58% $11.91 45 WTI crude 55.11 -$0.59 -1.06% -2.91% $53.38 47


Euro/dlr $1.179 $0.000 -0.03% +1.10% USD/AUD 0.7582 -0.005 -0.62% -0.51%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Naveen Thukral; Editing by Joseph Radford)